Morgan Stanley Investment Management's Andrew Slimmon explains why 'the market is going to frustrate the bulls' and why it's time to buy 'offensive' stocks.
The S & P 500 rallied 8% in one month. That's despite the banking turmoil, which fueled investor fears of a 2008-style financial crisis. But Morgan Stanley Investment Management's Andrew Slimmon isn't optimistic about the market. "Now that we have moved back yet again to the top end of this 3800-4200 range, with renewed banking issues in the headlines, I think the market is going to frustrate the bulls," he told CNBC. The S & P 500 closed at around 4,119 on Tuesday.
But any collapse won't take long as investors will start to anticipate a recovery in earnings next year, he added. Offensive stocks are those that tend to do well when the market goes up, while defensive sectors are the sectors that outperform when the market goes down. "So I think it's very dangerous to own just very defensive stocks … I think you want some offensive in your portfolio," Slimmon told CNBC's " Squawk Box Asia " on Tuesday.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wall Street Is Cutting More Jobs as Morgan Stanley Plans 3,000 LayoffsFor Morgan Stanley and others, the cuts show Wall Street is wrangling with a slump that’s dragging on for longer than expected.
Read more »
Morgan Stanley plans to lay off 3,000 more workers amid downturnThis is the second round of job cuts undertaken by the Wall Street investment bank in the last six months.
Read more »
Stanley Tucci Might Have Died Without the ‘Brutal’ Cancer Treatments He Received in 2017He was diagnosed eight years after his first wife died of breast cancer.
Read more »
Trans TikTok Star Jesse Sullivan Says KISS' Paul Stanley Has Transgender Issue WrongTrans TikTok star Jesse Sullivan reacts to Paul Stanley's controversial comments on transitioning.
Read more »
Stanley Tucci Is ‘Pretty Confident’ Canceled Travel Show ‘Searching for Italy’ Will Find a New HomeStanley Tucci may not be searching much longer. The actor-foodie says he’s “pretty confident” that he’ll find a new home for his cooking and travel show, “Searching for Italy.” CNN canceled the two…
Read more »